Key Points
- Apollo’s $15 billion private credit fund received withdrawal requests equal to 11.2% of shares — more than double its 5% quarterly cap — and will return just 45 cents on the dollar to investors.
- Unlike rivals including Blackstone, which recently relaxed redemption limits to meet investor demand, Apollo is holding firm at the 5% cap, framing the restriction as a value-protection measure.
- Despite Apollo’s efforts to distance itself from private credit peers by emphasizing loans to large, stable companies, software is the fund’s single biggest sector at 12.3% of its portfolio.
